Our enemies being at length convinced by fatal experience, that it is in vain to effect the conquest of America, have now changed the mode of attack, and strike at our commerce and our resources. I have no doubt, but that eventually they will be foiled in this, as in every other attempt they have made, but in the interim between their first effort and the period which must elapse, in preparations to obviate this plan, we have suffered and must suffer considerably. The commerce of this country has sustained no severer blow than has been hitherto felt, and the effects of it materially influence my operations. The merchants deprived of their property cannot command money, and of consequence cannot pay bills. I am, therefore, unable to command by drafts the money in your hands. My bills do not yet amount to a million of livres, and will not I believe exceed that sum when this letter goes away. These bills will not come to you before the month of July, and the greater part will not be payable until the end of September, and even later; but you will be possessed of three millions and a half by the first of July, even if you shall have received nothing from Dr Franklin on the old accounts. I am therefore to request that you will make three shipments of one hundred thousand crowns each, or six hundred thousand livres, making in the whole eighteen hundred thousand livres. I wish it to be sent by three different conveyances, for the sake of greater safety, unless some very important convoy should offer, in which case I desire an immediate shipment of twelve hundred thousand livres. I wish also, that the money be invested if possible in gold, because four crowns are worth here only four hundred pence, but a louis is worth four hundred and fourteen pence, being a difference of three and a half per cent. But that you may know the best mode of investing it, I have to inform you, that English guineas are worth four hundred and twenty pence, half johannas seven hundred and twenty pence, moidores five hundred and forty pence, and Spanish pistoles three hundred and thirtysix pence. I shall leave this letter open for the inspection of Dr Franklin, to whom I shall enclose it, and I shall request him to obtain for and communicate to you such information from the Court as may be necessary for your direction in this business. I wish that the shipments of money may if possible be on board of the same vessels in which the money shall be sent for the use of the French army or navy here. I wrote to you on the 3d of December last, requesting you to pay to Messrs Couteulx & Co. for account of John Ross two hundred thousand livres, and for account of William Bingham one hundred thousand livres, to John Holker for account of John Holker fils; conceiving that you would be in cash for the purpose, from the loan opened in Holland for our use.